Northwest Europe is half-way through the winter heating season and gas inventories are at a record high following an extended period of exceptionally mild temperatures since the middle of December. Preparation and luck have combined to rescue Europe from potential gas shortages this winter: Preparation by policymakers and forward-looking gas markets ensured inventories began the winter season at the one of the highest levels on record. Market-driven high prices have significantly reduced gas and electricity consumption by major industrial customers…
